Wednesday, August 24, 2011

Aug-24-2011--WASHINGTON – The economy will grow by less than 3% through 2012, and unemployment will remain above 8% until 2014, the non-partisan Congressional Budget Office projects.

In its semiannual update of budget and economic data, the agency — which serves as the official scorekeeper for President Obama and Congress — projects painfully slow progress on the economic front through next year's election and beyond.

Economic growth will remain slow but steady, it says, increasing by 2.3% this year and 2.7% next year.

The budget deficit this year will remain at about $1.3 trillion, the report says, marking the third straight year of $1 trillion-plus deficits. That's 8.5% of the nation's economy.

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